The Commonwealth and municipal taxes levied on the shares, the capital and the property of institutions, corporations and companies included in the prescriptions of this part and on the stock of banks established in Puerto Rico, shall be paid at the offices of the Collection Center or its authorized representatives, who, according to law, shall deposit the corresponding part of said overdue taxes in the Government Development Bank for Puerto Rico for the corresponding distribution to the Commonwealth and the Municipalities. Said institutions, corporations, and companies are hereby authorized to retain the taxes corresponding to capital shares, from the earnings or dividends derived in favor of the stockholders, or to cancel a portion of said shares sufficient to pay said taxes. The Commonwealth and municipal taxes levied on said institutions, corporations and companies shall be accrued in semiannual installments and all penalties for nonpayment, subjection to seizure, attachment and sale of property prescribed below, shall apply to said institutions, corporations and companies as it applies to private individuals.\nHistory —Aug. 30, 1991, No. 83, § 3.35.